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turned it down the net plummeted and i think that may be part of what we are seeing on the debt ceiling is back in the summer of 2011 it turns out to be a terrible self-inflicted wound for the american economy. we saw consumer confidence right, the debt got downgraded come and i think part of why even republicans who care about the spending are nervous to use that as a bargaining chip. we saw how damaging bringing into question the credit worthiness of the american government was. i'm hopeful we won't keep fighting over this but we have the right light which is what should spending do about the deficit and should we pay the bill. >> there is an interesting question about whether in retrospect republicans leveraging the debt limit in 2011 to get the bill that cut spending by one to $2 trillion going forward because what they did is introduced liquidity risks and if you don't cut spending we are not going to vote for a debt limit increase and it worked and as a result they got the president to agree. would you like that that negotiation had resulted from not having made that? >> absolutel
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